As the business environment evolved, Operational Risk discipline has developed and reshaped itself. With continued regulatory focus and catastrophic industry events, it has become a crucial topic of the strategic agenda. This was the main theme of a recent webinar held by Bank of Valletta.
While introducing the webinar, Elena Pykhova, Executive Head Operational Risk Management at Bank of Valletta, defined Operational Risk Management frameworks to be an additional asset that creates real value and puts an organisation in a more resilient and stronger position. “Triggering an effective risk management system is not a simple process, as it requires cultivating a cultural and behavioural change to align to the organisation’s risk appetite,” said Ms Pykhova. She stressed the importance of not only identifying any emerging risks, but also assessing, managing and reporting it.
Operational risk can come in several forms such as IT failures, incidents and cyberattacks, which can cause serious damages on an organisation’s operations and reputation. Bank of Valletta continuously strengthens its risk management structure by performing risk assessments and scenario analysis. The Bank also equips its own employees with specialized training programmes to develop their skills in being actionable and prone to potential risks.
Antoine Aquilina, Information Security Officer at Bank of Valletta, focused more on the rise of cybercrime and the threats it brings about. “Some people think that technology is the main cause for the rise in cybercriminals, but they tend to forget that how we use technology really determines our position against such attacks,” said Mr Aquilina. The concept of being cybersmart was mentioned, which entails evolving with the digital spectrum while maintaining a monitored risk environment. “At Bank of Valletta, we nurtured a more governed culture through risk controls, monitoring data assets and continuously training our employees to be capable of recognising and combatting cybercrime. Cybersecurity Risk Management must never stop, as the landscape of these threats will continue to change and develop.”
Watch the recording of the webinar:
Issued by Bank of Valletta p.l.c., 58, Triq San Zakkarija, Il-Belt Valletta VLT 1130. Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta).